Belarus’ banks expand remote services under smart contracts – NBB

<p> MINSK, Jan 13 - PrimePress. The banking sector of Belarus is expanding opportunities for remote customer service through the use of smart contracts, as per resolution No.428 of the National Bank of Belarus (NBB) of December 24, 2020 posted on the National Legal Internet Portal on January 13, 2021. </p> <p>   </p> <p> The resolution regulates transactions under smart contracts, establishes general requirements for owners of smart systems, and determines the transaction confirmation procedure. </p> <p>   </p> <p> Earlier, the right to make transactions by means of smart contracts was granted to residents of the Hi-Tech Park as a legal experiment under presidential decree No.8 ‘On Digital Economy Development’ of December 21, 2017. </p> <p>   </p> <p> Presidential decree No.148 ‘On Digital Banking Technologies’ of April 18, 2019 granted the National Bank and users of the interbank identification system the right to carry out transactions and other legally binding actions by means of smart contracts. </p> <p>   </p> <p> The National Bank’s resolution defines the National Bank, identification system users and other legal entities and individuals that carry out transactions as possible participants in transactions under smart contracts. </p> <p>   </p> <p> Smart contract transactions require identification and/or authentication of the parties to a transaction; studying of the smart contract terms by the parties and unconditional consent of each party to carry out the transaction. </p> <p>   </p> <p> “The use of smart contracts in the banking sector will expand opportunities for remote customer service, promote competition in the financial market, increase the operational efficiency of credit institutions and reduce their costs, including time consumption,” reads the NBB’s comment. </p> <p>   </p> <p> The resolution came into force after its official publication. End </p>

2021-01-14

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